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It attempts to solve the problems of scalability, speed, and cost, allows more personalized blockchains to exist, allows interoperability and upgrades between chains, and allows chains to govern themselves.
(Source: Polkadot.network)
Polkadot not only supports the transfer of tokens, but also supports the transfer of data between different chains. Its ultimate goal is to become a cross-chain network protocol, making cross-chain registration and cross-chain computing possible.
What are the biggest differences between Polkadot and Ethereum?
Polkadot and Ethereum 2.0, which are just starting to run, are undeniably similar in the design of the current operating mechanism and the community ecosystem. For example, Polkadot and Ethereum both use Proof-of-stake. , Ethereum’s sharding and Polkadot’s Parachains both use multi-chain design instead of the single-chain design of Ethereum 1.0…etc.
At present, there are 4 major differences between Polkadot and Ethereum in the use process:
- Transaction fee: Ethereum> Polkadot
- Transaction volume per second (tps): Ethereum <Polkadot
- Ethereum is more like a general-purpose blockchain while Polkadot can design different blockchains for different applications
- Ethereum can integrate well with other applications in Ethereum but cannot cross-chain. In addition to integrating with Ethereum applications, Polkadot can also integrate applications with other blockchains such as Bitcoin and EOS.
Polkadot’s architecture and scalability
At present, the TPS of Bitcoin is about 7 and that of Ethereum is about 15, which leads to a very bad transaction experience, slow speed, and high cost, which was especially obvious during the previous peak mining period.
For this reason, Ethereum is gradually moving towards the exploration of Layer 2, especially the practice of the Rollup series. In addition, Ethereum’s sharding is also on the way, although it will take a long time. The picture below shows V God’s vision for the scalability of Ethereum, from 15 TPS to 100,000 TPS.
The price and popularity of Polkadot tokens and Polkadot remain high. While the Polkadot ecology is gradually developing and growing, many exchanges actively participate in the construction of the Polkadot ecology, such as the establishment of the Polkadot Ecological Fund to support project development. What about you? Are you ready to invest in Polkadot, the most topical now?
How Can Beginners Trade It?
If you are ready to in Polkadot, now you must think, “How and Where can I trade it?” It’s easy for everyone, let’s follow my guide, and you can trade like a professional trader!
First of all, you need to choose a trusted exchange, now you must ask, “Which exchange is trusted?” Take my own trading habits as an example, I often trade on Bityard, the world’s leading crypto exchange, providing customers from more than 150 countries with safe, simple and fast digital currency trading services.
The platform simplifies crypto trading for novice traders and offers a concise and easy to understand user-interface, so that’s why I use this platform. You only need 30 seconds to complete the registration and start trading.
After registering you need to deposit and then you can trade! This is how the main spot trading display looks like:
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